Market News
Ransomware Remains a Major Concern, Even as Attack Frequency Dips
Ransomware attacks have grabbed the headlines this year and become a top concern for businesses and insurers. Interestingly, though, data from the first two quarters of 2021 suggest the frequency of ransomware attacks is declining. Making too much of that trend would be a mistake, however. Read More
Reinsurance Price Hikes Likely To See Reductions at January Renewals
Reinsurance rate increases are likely to continue at January 2022 renewals, though at reduced levels, according to a recent report from Fitch Ratings. Rate increases at January 2022 renewals should be at high single-digit, low double-digit levels, the rating agency said. Read More
US Property-Casualty Industry Sees Healthy First-Half Profit Growth
The US property and casualty insurance industry's net income grew 28 percent during the first half of 2021 compared to the same period last year, according to a new report from A.M. Best. The industry's combined ratio improved 0.8 percentage points year over year to 96.9 percent. Read More
US Property-Casualty Reinsurers' Net Premium Growth Continues
A group of 17 US property and casualty reinsurers wrote $37.1 billion in net premiums during the first half of 2021, an increase from $32.1 billion written during the same period of 2020, according to a survey of the reinsurers’ statutory underwriting results conducted by the Reinsurance Association of America. Read More
Cyber Premiums Stand Out Among Commercial Insurance Price Hikes
Commercial property-casualty insurance premiums increased for the 15th consecutive quarter during the second quarter of 2021, according to The Council of Insurance Agents & Brokers' (CIAB) "Commercial Property/Casualty Market Report Q2 2021." Cyber insurance recorded the highest premium increase of all lines at 25.5 percent. Read More